Zoltan Vardai10 hours agoWorld’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’Marathon remains bullish on Bitcoin’s price in the long term, as it sold none of the BTC it mined during June.1929 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMarathon Digital Holdings has acquired $100 million worth of Bitcoin over the past month.
The world’s largest Bitcoin (BTC) miner has been acquiring BTC as a strategic treasury reserve asset.
Marathon plans to go “full HODL,” which is crypto slang for “hold on for dear life,” Fred Thiel, CEO and chairman of Marathon Digital, announced in a July 25 X post:“Today Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have over the past month purchased $100 million in BTC, and will now go full HODL.”
The Bitcoin selling patterns of large holders, like mining firms, can have a significant impact on Bitcoin’s price, especially since the 2024 Bitcoin halving, which may still force miners to sell more BTC due to the block rewards being cut in half.
Related:Bitstamp starts Mt. Gox creditor repaymentsMarathon Digital did not sell any Bitcoin in June
Marathon did not sell any of its Bitcoin holdings in June despite a month-long decline in Bitcoin prices.
Back then, the Bitcoin miner said it may still be selling some Bitcoin in the future to support monthly operations, manage treasury, and for general corporate purposes.
However, Marathon has now shifted to its “full HODL” strategy, meaning that it won’t be selling any more BTC, according to Thiel:“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”
With the newly acquired $100 million in Bitcoin, the company’s holdings have surpassed 20,000 BTC worth over $1.28 billion, according to the firm’s July 25 X post.Source:Marathon
Related:Marathon’s BTC mining is heating an entire town in FinlandBitcoin’s price struggles to remain above $64,000
Despite Marathon’s recent acquisition, Bitcoin’s price is struggling to remain above the $64,000 psychological mark.
Bitcoin fell over 3.6% in the 24 hours leading up to 1:17 pm UTC to trade at $64,093. BTC is up over 4.6% on the monthly chart, according to Bitstamp data.BTC/USD, 1-month chart. Source: TradingView
The inflows from the United States spot Bitcoin exchange-traded funds (ETFs) have also been slowing down in recent days, which could be the reason behind the price slump.
The US Bitcoin ETFs saw their first week of net negative outflows, worth $78 million, on July 23, after 12 consecutive days of net positive inflows, Farside Investors data shows.Bitcoin ETF Flow Table (US dollars, millions). Source:Farside Investors
However, Bitcoin ETF inflows saw a rebound on July 24, amassing $44.5 million in cumulative inflows.
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